Prudential may be planning bid for Lincoln National: analyst

AlistairBarr

SAN FRANCISCO (MarketWatch) -- Prudential Financial
PRU, +1.04%
may be planning a bid for rival life insurance and annuity company Lincoln National
LNC, +1.98%
Colin Devine, an analyst at Citigroup, wrote in a note to clients on Thursday. Prudential, which announced a $2 billion convertible bond sale on Wednesday, may be interested in Lincoln's multi channel distribution platform, which could help it boost sales of variable annuities, Devine said. Other acquisition targets may be Japan's Sony Life and the U.S. operations of Dutch financial-services group ING
ING, -0.34%
he added. Lincoln agreed earlier this year to buy rival Jefferson-Pilot
JP, +1.00%
for more than $7 billion, but Prudential may be planning to offer Lincoln's shareholders an alternative, he concluded. Lincoln shares rallied 4.6% to $52.16 in morning trading on Thursday, while Prudential stock dipped 1.8% to $72.80.

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